ALERT: Bitcoin Crashes 60% in one day after setting another record.

Volatility reigns and the top is now likely in for Bitcoin after crashing 60% yesterday from $265 down to $105 before sharply rebounding. It is last
in the $160 area. The first drop should be "A" of an "ABC" decline (down-up-down) that ought to take the cyber currency well under $100
(somewhere in the $50+ to $90- area). There is an alternate elliott wave count that what we saw was the top of W3 and that after a major correction
(W4) that we ought to see another leg up (W5) that should attempt to make a higher high. However if we had a truncated W4 in the $120-150 area then
the blow off top was it.

Originally posted by CosmicCitizen
Volatility reigns and the top is now likely in for Bitcoin after crashing 60% yesterday from $265 down to $105 before sharply rebounding. It is last
in the $160 area. The first drop should be "A" of an "ABC" decline (down-up-down) that ought to take the cyber currency well under $100 (somewhere in
the $50+ to $90- area). There is an alternate elliott wave count that what we saw was the top of W3 and that after a major correction (W4) that we
ought to see another leg up (W5) that should attempt to make a higher high. However if we had a truncated W4 in the $120-150 area then the blow off
top was it.

I can't help but feel sorry for those that got in on Bitcoins. Hopefully some of them were slick enough to realize the price was inflated and
exit their positions in time.

lol... the price is still sitting around $180 per BTC right now, you don't need to feel sorry for anyone.

There was no reason it should have shot up to $260, the so called "crash" was simply a predictable correction to counter that sharp rise and bring
it back to where it wanted to be.

edit on 11/4/2013 by ChaoticOrder because: (no reason given)

But I do, and here is why:

The Tokyo-based exchange said last week that hackers are engaging in a strategy to manipulate the price of the currency: “Attackers wait until the
price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop
to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and
they profit.”

Because whatever a person bought it at, they are still vulnerable to hacking. I see this as the same as the USA stock market being manipulated. A
no-win for the little guys (average people).

But, but, but....Bitcoin was supposed to be immune to problems like this as such an extraordinary alternative to the dollar.

I can't help but feel sorry for those that got in on Bitcoins. Hopefully some of them were slick enough to realize the price was inflated and exit
their positions in time.

Just like any commodity it hit it's resistance and people started selling to cash out on it. This is how securities work (although bitcoin is not
necessarily a security or commodity.)

You don't need to feel sorry for anyone - those of us who are smart made money. Those who bought at higher prices would be smart to hold their
bitcoins for awhile until they can either make their money back or profit.

I can't help but feel sorry for those that got in on Bitcoins. Hopefully some of them were slick enough to realize the price was inflated and
exit their positions in time.

lol... the price is still sitting around $180 per BTC right now, you don't need to feel sorry for anyone.

There was no reason it should have shot up to $260, the so called "crash" was simply a predictable correction to counter that sharp rise and bring it
back to where it wanted to be.

edit on 11/4/2013 by ChaoticOrder because: (no reason given)

But I do, and here is why:

The Tokyo-based exchange said last week that hackers are engaging in a strategy to manipulate the price of the currency: “Attackers wait until the
price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop
to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and
they profit.”

Because whatever a person bought it at, they are still vulnerable to hacking. I see this as the same as the USA stock market being manipulated. A
no-win for the little guys (average people).

I can't help but feel sorry for those that got in on Bitcoins. Hopefully some of them were slick enough to realize the price was inflated and
exit their positions in time.

lol... the price is still sitting around $180 per BTC right now, you don't need to feel sorry for anyone.

There was no reason it should have shot up to $260, the so called "crash" was simply a predictable correction to counter that sharp rise and bring
it back to where it wanted to be.

edit on 11/4/2013 by ChaoticOrder because: (no reason given)

But I do, and here is why:

The Tokyo-based exchange said last week that hackers are engaging in a strategy to manipulate the price of the currency: “Attackers wait until the
price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their Bitcoins, wait for the price to drop
to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times like we saw over the past few days and
they profit.”

Because whatever a person bought it at, they are still vulnerable to hacking. I see this as the same as the USA stock market being manipulated. A
no-win for the little guys (average people).

I see what you did there, first denying that Bitcoins were vulnerable to attacks, then going back to edit your post and say that since they are
vulnerable, that's okay too as long as you can make a profit.

You should have just admitted you were incorrect, instead of trying to be sly with the edits.

“Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their
Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times
like we saw over the past few days and they profit.”

This is not "hacking" or an "attack"... this is called currency trading on a free market. Only idiots buy at a high price and then panic sell and lose
money. If they do that it's their own fault. They should hold onto the bitcoins instead of panicking. This same thing will happen on any open market,
the bitcoin market simply makes it easier to do this because the price is highly volatile due to the newness and novelty of bitcoin, along with the
fact any man and his dog can participate in the market very easily. It has nothing to do with hacking, the last time Mt. Gox was hacked was a fair
while ago now and they have recovered from it well.

EDIT: and it should be noted that the security of 3rd party exchange like Mt. Gox has nothing to do with the bitcoin network. The bitcoin network its
self has never been hacked.

Sure they happen, just like they could happen to any investment bank out there. The bitcoin itself is secure, and the manner in which bitcoins are
created and recorded is so redundant that it's literally more honest than how the USD is created.

Real securities are manipulated too - so if you're saying that bitcoin is vulnerable to the same strategies used in securities and forex markets I
agree with you.

“Attackers wait until the price of Bitcoins reaches a certain value, sell, destabilize the exchange, wait for everybody to panic-sell their
Bitcoins, wait for the price to drop to a certain amount, then stop the attack and start buying as much as they can. Repeat this two or three times
like we saw over the past few days and they profit.”

This is not "hacking" or an "attack"... this is called currency trading on a free market. Only idiots buy at a high price and then panic sell and
lose money. If they do that it's their own fault. They should hold onto the bitcoins instead of panicking. This same thing will happen on any open
market, the bitcoin market simply makes it easier to do this because the price is highly volatile due to the newness and novelty of bitcoin, along
with the fact any man and his dog can participate in the market very easily. It has nothing to do with hacking, the last time Mt. Gox was hacked was a
fair while ago now and they have recovered from it well.

What is a denial-of-service (DoS) attack? In a denial-of-service (DoS) attack, an attacker attempts to prevent legitimate users from accessing
information or services. By targeting your computer and its network connection, or the computers and network of the sites you are trying to use, an
attacker may be able to prevent you from accessing email, websites, online accounts (banking, etc.), or other services that rely on the affected
computer.

lol what does anything you described have to do with a DDoS attack? A DDoS attack may slow down Mt. Gox or take it offline but that's a far stretch
from "hacking" Mt. Gox. If that were the case you could say the DDoS attacks on ATS these last fews days were "hacks"... but they aren't, they
are a stupid trick pulled by script kiddies who think it's cool.

lol what does anything you described have to do with a DDoS attack? A DDoS attack may slow down Mt. Gox or take it offline but that's a far stretch
from "hacking" Mt. Gox. If that were the case you could say the DDoS attacks on ATS these last fews days were "hacks"... but they aren't, they
are a stupid trick pulled by script kiddies who think it's cool.

I guess you failed to read my source. Maybe if you go read that article, you'll understand where I'm coming from, even if you disagree, and we can
quit arguing about nothing in the middle of the night.

How does doing a DDOS allow them to 'buy and sell' unfairly ?
Wouldn't a DDOS take the site down and make it difficult for even the hackers to access?

This doesn't look like hacks or attacks to me.
I guess I am missing a lot of the info or something?
It actually looks like normal market activity from what I am reading here...Our system is just really volatile and can fluctuate drastically in fast
time frames.

Ok so somehow they are using the lag from Mt. Gox to their advantage... however it's obvious the advantage they could get from that is extremely
limited, and the people carrying out the DDoS attack will need to deal with the lag they cause. And it's not like there aren't any other bitcoin
exchanges, there are plenty. If Mt. Gox was lagging why would I panic and sell or something like that? I'd just go to another exchange or wait until
Mt. Gox had better speeds. Personally I've never once experienced very slow speeds of Mt. Gox, and I visit it at least a few times a week.

EDIT: and I also fail to see how this exact same problem wouldn't apply to other currency exchanges.
PS - what makes you think it's the middle of the night where I am?

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